This invention relates to a method and system for gathering and storing information in a computerized database and, more particularly, a centralized computer system for tracking farm, lawn, and industrial equipment information and title history, using a relational database directly accessible by multiple levels of users through the Internet.
A need exists for a centralized, easily accessible computer database containing up-to-date information related to, among other things, the ownership, financing, and product-specific information of farm, lawn, and industrial equipment. One problem with the present system is that farm, lawn, and industrial equipment are not presently titled, thereby making tracking of ownership very difficult. Ownership is primarily tracked by lenders who have taken a security interest in financed equipment. The security interest is typically perfected by filing a U.C.C. form in the county records of the county of the owner's residence or with the Secretary of State of the owner's state, depending upon state law.
Although the state or county records can be searched by lenders, potential buyers, or other interested parties, the U.C.C. system has proven inadequate. U.C.C. forms are often filed with incorrect product serial numbers or no serial numbers at all. Further, no subsequent filings are required which would evidence release of a lien formally held by a lender. Thus, the lien status of used equipment is extremely difficult to ascertain, particularly where a seller is engaged in fraudulent activity. For example, a second owner of farm equipment may seek to finance his purchase of the equipment. The lender, unable to discern the lien status or title history, may unknowingly permit the equipment to be double financed if a lien incurred by the original owner has never been released. In the case of default by the second owner, the second lender cannot recover until the original lender's lien is satisfied pursuant to the priority provisions of U.C.C. Article 9. Therefore, it is desirable to provide both potential buyers and lenders with easy and instant access to an up-to-date and accurate title history, including financial data, related to farm, lawn, and industrial equipment.
A further problem is that there is currently no system to track product information desired by potential buyers and by insurers. For example, potential buyers of farm machinery are interested in information regarding the age and hours of usage of the machinery as well as warranty information. Insurers of farm, lawn, and industrial equipment are interested in the same information and are in a favorable position to gather and report the information. Once reported to a centralized computer database, the information would be directly accessible by all persons and entities with access to the Internet. A system to track vehicle titles and other articles of value was discussed in U.S. Pat. No. 5,521,815 to Rose. However, accurate title tracking is not ensured by the '815 system in that it does not compare the old ownership data from a bill of sale with the ownership data in the system's corresponding title record.
While the system proposed in the '815 patent contemplates tracking title information for vehicles and other articles of value, it does not provide for a multiple user-level system which would provide access not only to authorized institutional users, but direct access to potential buyers as well. Further, this patent does not contemplate storing specific product information such as warranty information. Thus, it is desirable to have a method and system for storing and tracking information specific to farm, lawn, and industrial equipment in a centralized computer database, and for providing a multiple user-level means of access to the system.